In Bond Beats, Baillie Gifford’s High Yield Bond team explains the thinking behind some of their investment decisions. In the first Bond Beats, Lucy Isles takes a look at how PureGym has radically redefined a whole industry by breaking down the barriers to gym membership.

The future of medicine is likely to be fundamentally different from what we know today. Investment Manager, Rose Nguyen, discusses the technological advances that are likely to transform life science in the coming decades.

“I felt a wonderful dialogue was building between you and me, and ultimately, it is only that dialogue that matters.” So wrote President Donald Trump of the US to North Korean leader Kim Jong-un in May 2018, when he declared that he was withdrawing from talks planned for 12 June 2018.

The old face of Japanese industry is changing. With many founder-led entrepreneurs at the helm of cutting-edge companies, we are starting to see vibrant new growth in many industries, including housing, the sciences and retail.

Chris Davies explains how latent growth stocks can overcome stumbles, like Finnish runner Lasse Viren in the 1972 Olympics, and provide lucrative returns for the patient long-term investor.

Many things affect the ebb and flow of an economy, especially in these interesting times. Surely what our politicians do and say reflects on the financial markets? Gerald Smith considers how much politics might really matter.

Thematic investing is gaining more attention from investors as a means of circumventing political and monetary policy headwinds and tapping into the growth stories of the future. Capital Hill looks at the global themes shaping the investment landscape.

Lucy Isles explains how the High Yield Bond team has incorporated ESG into its investment process, seeing it not just as a tool for managing risk, but for identifying investment opportunities too.

The Annual General Meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, co-managers James Anderson and Tom Slater made presentations and you can read the highlights here.

Charles Plowden, Malcolm MacColl and Spencer Adair review the last twelve months as managers of The Monks Investment Trust portfolio.

As Scottish Mortgage increases its gearing, Capital Hill takes an in-depth look at one of the unique features of the investment trust structure.

Scottish Mortgage first stated their Core Beliefs in 2013. Tom Slater expands on these Core Beliefs, highlighting how his investment philosophy has evolved in recent years.

As the UK’s exit from the European Union looms, there is no shortage of doomsayers taking the view that investing in UK stocks might be a foolish thing to do. Milena Mileva has a more optimistic outlook and examines several exciting British businesses that have the potential for significant long-term growth.

James Anderson explains why, as Joint Manager of Scottish Mortgage, he is increasingly interested in growth companies - particularly in the technology hubs of Eastern China.

Identifying businesses that will produce high levels of long-term earnings growth is critical to creating outperformance over the long term. Monks’ managers explain what it is they are looking for.

Many patients with kidney failure face an agonising wait for a donor or a life on dialysis. However, as Julia Angeles writes, new technologies may offer a brighter future.

The Edinburgh Private Investor Forum was an opportunity for existing or potential clients to hear about four of the investment trusts managed by Baillie Gifford. The following summary picks out some of the highlights.

Baillie Gifford’s Andrew Telfer talks to Alastair O’Dell about long-term investing, the Scottish Enlightenment and doing the right thing.

Brazil and the UK might be miles apart, but they do share at least one surprising commonality: a 3% inflation rate. As Sally Greig explains, structural changes in Brazil are starting to have an impact on the country’s changing fortunes.

Investment trusts have helped investors meet their financial needs for 150 years. They have survived – indeed thrived – through tough times, including two world wars, the great depression, the bursting of the tech bubble and the global financial crisis. Capital Hill surveys the history of investment trusts and the many ways in which they remain relevant for investors today.

Europe lacks entrepreneurship, is the common myth. Not so, says Stephen Paice, co-manager of the Baillie Gifford European Fund, you just have to look in the right places.

While the name may have changed, the investment philosophy remains the same. The Baillie Gifford Strategic Bond Fund continues to seek great bond selection to drive differentiated returns.

John Kay looks at whether capital markets have a purpose.

Catharine Flood, strategy specialist at Scottish Mortgage Investment Trust, talks to Edward Russell-Walling about synthetic spider silk and other industrial biotech wonder materials.

David France discusses How to Survive a Plague.

James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why China matters more.

The renowned neuroscientist David Eagleman talks to Jemima Kiss about innovation and why the creative genius is a myth.

Charles Plowden, manager of Monks Investment Trust, talks about why the investment case for Fiat Chrysler has very little to do with either Fiat or Chrysler.

Sarah Whitley and Matthew Brett discuss the past, present and future.

Why we are launching the Baillie Gifford US Growth Trust plc.

Ewan Markson-Brown recently visited Jakarta, where he found a changing political and technological landscape which could see Indonesia emerge as one of the most exciting growth stories globally in the next few years.

After several years of weak global growth, the tide has changed and Asia ex Japan is likely to be one of the big winners. Roderick Snell and Ewan Markson-Brown are confident that the stars are aligning for a strong period of long-term growth in the region.

With their curiosity for learning undimmed, Monk’s investment managers share where they think their quest for learning will take them in the year ahead.

While there is a move away from active management in the US, our US Equities team think it is misplaced. Technology-driven change is creating exciting companies in the US with exceptional prospects, thereby presenting opportunities for active, long-term investors to outperform passive investment strategies.

Exploring the disparate worlds of tennis and medicine, Scott Nisbet disputes the perceived wisdom of ‘reversion to the mean’ assumptions, challenging commonly held beliefs that the growth of FANG companies will slow in the long term.

Retirement incomes have hit a new record, surpassing pre-financial crisis levels, but many retirees still feel financially unprepared. Capital Hill offers a step-by-step plan to preparing for retirement.

To build great businesses, company management should understand how a company’s culture can affect shareholder value. Gary Robinson looks at how having a distinctive culture can create great opportunities for those looking to invest in thoughtfully managed companies.

Japanese equities have traditionally offered little for income-seekers. That is all changing, argues Karen See, co-manager of the Baillie Gifford Japanese Income Growth Fund.

Following a meeting with Jack Ma of Alibaba, James Anderson considers the importance of data to our future, and anticipates the pivotal role China will play in shaping what is to come.

Few, it appears, appreciate the merits of the carmaker Tesla to the extent that James Anderson does, which is why he believes the potential of this exceptional company might be being overlooked by the market.

While some market watchers are warning of an imminent stock market correction, others are staying invested and seeing select opportunities to pick up global equities. Capital Hill looks ahead to 2018 and asks will the bull market continue?

In the final Scottish Mortgage roadshow of 2017, Tom Slater addressed an audience in York. He explained why he invests the way he does and offered an insight into some of the areas he currently finds exciting.

Healthcare has improved exponentially over the last few centuries and is still evolving. Gary Robinson looks at some of the reasons he is excited about investment opportunities in this sector and other areas directly related to it.

Joseph Jebelli tells Catharine Flood, Strategy Specialist at Baillie Gifford, what prompted him to write his book, and why he is upbeat about the progress towards finding a cure for Alzheimer’s.

While equities offer the income-seeking investor scope for both income and growth, investing in the domestic equity market may not be the answer for UK investors. Instead, SAINTS’ managers Toby Ross and James Dow cast their net globally, seeking out the resilient, growing businesses that they think will deliver a diversified, dependable income stream over time.

The High Yield Bond team explain their thinking behind the purchase of Netflix bonds and why they think it’s a good idea for Netflix to produce their own content.

We are committed to the individual companies in which we invest. So when bad things happen, James Anderson thinks we should be honouring that commitment and our long-term perspective by tailoring our engagement to the specifics of the situation and the company involved.

China has a vision. A vision to re-establish the network of land and sea corridors once known as the ‘Silk Road’. Linking East with West, Tim Gooding considers how this network will provide opportunities, not only to those countries who will host the new trade routes, but to long-term investors in the region.

Jeff Salway tries to navigate the challenging investment decisions many of us face today at retirement.

The annual meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, there were presentations from the Trust’s managers, James Anderson and Tom Slater. This summary includes several short audio clips recorded on the day.

Historical precedence would indicate that technological progress doesn’t cause long-run unemployment. With the phenomenal progress now being made in artificial intelligence, investment manager Lawrence Burns looks at why the new challenges it presents won’t change that.

Cherry Reynard talks to Stephen Paice, about why macroeconomic improvement in Europe is not the reason he is excited for the region.

Although it is still relatively undiscovered in investment terms, Vietnam has much to offer. In this article, Roderick Snell looks at the country’s export growth potential and why he believes there are many interesting opportunities in this vibrant emerging market.

Technological evolution continues to occur at an ever-increasing pace. Douglas Brodie looks at some of the areas likely to see the greatest change in the coming years, and the investment opportunities that will open up as a result.

How have ISA investors fared since the tax wrappers were launched and how could investors consider investing for the next 18 years? Capital Hill reports.

The companies held in Scottish Mortgage's portfolio are not just generating returns for shareholders, they are also reshaping the world. The managers take a closer look at some of the companies within the portfolio that are making the world a better place for everyone, not just their shareholders.

Most small cap fund managers won’t tell you that their universe is full of deadbeat companies and those that are going nowhere. We will, but then we are not daunted by the fact. The small cap market’s inefficiencies and lack of certainty provide great opportunities to generate significant returns for those, like EWIT, whose strength lies in finding and holding onto the relatively small number of companies with the potential to make it really big.

With the power to transform every trade and every industry, artificial intelligence (AI) is the future that is here today. Investment manager Lawrence Burns reflects on some of the recent developments in the field and speculates on what the brave and wonderful new world of AI might mean for us all.

Over recent years, India has created the world’s largest digitalised database of people. As Ewan Markson-Brown explains, this has enabled it to leapfrog other countries in areas such as banking, and should also increase investment opportunities.

Adam Rutherford discusses the importance of science with Edward Russell-Walling.

Philippe Sands talks to Chiara Pannozzo-McBryde about the particularly personal journey behind his latest book.

Stuart Dunbar discusses the woes of what our industry has become alongside the potential opportunities presented by its somewhat over-evolved state.

Investment manager Julia Angeles strikes an optimistic note as she explores some of the recent developments in healthcare, which one day she hopes will bring an end to cancer.

Project fear is not the best way to run an economy, nor an investment portfolio. Investment manager Tom Coutts explains why we shouldn’t be reducing everything to numbers in our search for good long-term investment returns for our clients.

Far from being on the verge of economic collapse, China is re-writing its future growth story. Introducing the three core drivers of the new consumption story, Roderick Snell highlights the winner-takes-all companies leading the charge.

Once Alibaba’s addressable market was assumed to be online retail sales in China. Not anymore. How far it can go will be determined by its ability to leverage the data it holds on billions of consumers and millions of merchants globally, as it seeks to become the world’s largest retail data eco-system.

The 107th AGM of Scottish Mortgage Investment Trust once again saw presentations from the investment managers James Anderson and Tom Slater. We’ve captured some key points that each made on the day, as audio recordings and wanted you to have the opportunity to hear their thinking for yourself.

Investing in equities is a long-term commitment. In this article, we explain why market movements are usually irrelevant and why shareholders should look past immediate events and focus on the long term.

Joe Faraday shares his enthusiasm for the importance of cities as growth drivers, explaining how access to world-leading academics and their research has shaped his thinking.

Julia Angeles, an investment manager in the EAFE Alpha team, considers how scientific developments have led to changes in the diagnosis and treatment of diseases, and why the current rate of progress is set to accelerate in the coming years. Angeles also explains why she opted to undergo genomic testing.

We believe that the world is changing at a remarkable pace. Looking to the future, there is much rational excitement to be found in the technological revolutions underway in transportation, alternative energy and healthcare.